Construction Risk: Ingredients for Wrap up Success
Cathy Wells spoke at the 2022 International Risk Management Institute (IRMI)
Construction Risk Conference. Her presentation titled “Setting the Stage for Wrap Up Success” on November 15 highlighted the following ten important ingredients for Controlled Insurance Program (CIP) success:
1. Establish a robust safety program and culture.
2. Establish an effective centralized claims management and reporting procedures.
3. Estimate reasonable OCIP insurance credits at the beginning of the program.
4. Establish the cadence for financial reporting, meetings and reports at the program’s inception.
5. Conduct underwriting meetings at project site(s)and conduct insurer reviews.
6. Ensure that contract language mirrors the CIP manual.
7. Ensure transparency throughout the program.
8. Become a regular and active participant in the project team.
9. Thoroughly vet and amend the program agreement.
10. Evaluate the program to set the stage for the next one.
Ms. Wells also offered the following additional recommendations regarding CIPs:
· Establish clear goals at the beginning stages.
· Stay in front of your underwriter.
· Try to avoid CIP extensions.
· Arrange for claims management beyond final acceptance.
· Assemble key documents in one central location.
· Prepare procedures for key aspects of the program.
· Do not make changes to the CIP once the program begins.
· Carefully consider including workers’ compensation cover.
· Keep a copy of certified payrolls for the whole project until final closeout/release.
· Identify successors to manage the CIP.